Let’s check in with the retail energy sector shall we?

Via AAP:

Electricity giant AGL Energy has reported a fall in interim profit as customers try to curb rising power bills during a cost-of-living crisis.

AGL on Wednesday reported a half-year statutory net profit of $97 million, down $479 million, as it responds to market pressure to exit coal-fired power generation.

Underlying profit was $373 million, down 6.5 per cent on a year earlier, on higher operating costs to maintain generation and as consumers swapped products.

“The retail market has seen high volumes of customer product swapping in recent years due to price increases and broader cost-of-living pressures, which have also increased pressure on margins,” chief executive Damien Nicks said.

The “strong first half” was in line with expectations, driven by the flexibility of the generation fleet and its ability to capture higher realised electricity pricing, including continued strong earnings from a growing portfolio of big batteries, he said.